Turkish GSM giant Turk Telekom sees strong growth

Turkish telecommunications giant Turk Telekom posted 20.6 billion Turkish liras ($2.44 million) in revenues in the first nine months of 2020, a jump of 19% year-on-year.

The firm's net profits topped 2 billion Turkish liras ($237 million) in the first nine months, according to a press release on Thursday.

The number of Turk Telekom subscribers reached 49.5 million as of the end of the third quarter of this year, up 12.6% on a yearly basis, it said.

The GSM operator's investment expenses rose 42% to reach 4 billion Turkish liras over the same period.

Umit Onal, the firm’s CEO, said Turk Telekom's revenues from its subsidiaries – Argela, Innova, Sebit, AssisTT, and TTI – rose 60% in the third quarter of 2020.

Turk Telekom's financial performance in the first nine-month period would spur revision of the firm's 2020 expectations, Onal said.

He added the firm currently expects a 16% growth in revenues for this year.